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Unexplained Cash Credit: ITAT Restores Matter to CIT(A), allows to Rebut Remand Report [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) restored the appeal to the file of the Commissioner of Income Tax (Appeals) [CIT(A)]...

Amount Received for Reduced LLP Profit Share Not Taxable as Goodwill or Capital Gains: ITAT Deletes...

Non-receipt of Notices and Lack of Digital Access: ITAT remands ₹34.77 Lakh LTCG Addition as...

Interest Deduction u/s 57: ITAT Allows Claim After Verifying Payments and Interest Earned [Read...

Rs. 18.76 cr Disallowed for Non-Deduction of TDS u/s 194Q: ITAT Restores Matter to CIT(A) [Read...

Depreciation Cannot be Allowed if Cost of Acquisition Claimed: ITAT Remands for Verification of S.11(6) Compliance [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) remanded to the Assessing Officer (AO) to verify the factual claim that the cost of the depreciated assets had not been claimed as...

Brought-Forward Loan Cannot Be Taxed without Payment During Relevant Year: ITAT Deletes ₹1.45 Cr Deemed Dividend Addition [Read Order]

The bench of the Income Tax Appellate Tribunal, Raipur, held that loans received in an earlier year cannot be treated as deemed dividend in a subsequent year when no payment was made during the...

ITAT restricts Addition on “Peak Purchase” to Differential Margin Between Declared and Benchmark Profit in Rice Trading Case [Read Order]

The bench of the Income Tax Appellate Tribunal (ITAT), Raipur, has restricted the addition to the differential margin between the Gross Profit (GP) declared by the assessee and the benchmark rate...

Amount Shown as Advance and Paid Before Due Date Cannot Be Treated as Revenue Receipt: ITAT Orders Fresh Verification on ₹6.12 Lakh Deemed Sales Tax Addition [Read Order]

The bench of the Income Tax Appellate Tribunal (ITAT), Raipur, ruled that an amount recorded as an advance and subsequently paid before the due date of filing the return cannot automatically be...

Unexplained Cash Deposit Addition u/s 69A: ITAT Restores Matter to File additional Evidence, Including Bank Statements [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) restored the issue of unexplained money addition made under Section 69A back to the file of the Assessing Officer (AO) to allow the ...

Shareholder Loan Treated as Deemed Dividend u/s 2(22)(e): ITAT Restricts Addition to Company’s Accumulated Profits [Read Order]

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) restricted the addition of ₹88.26 lakh to companies' accumulated profits on the ground that loan of the shareholder was treated as a deemed...

Assessment Framed Without Jurisdictional Notice u/s 143(2) Invalid: ITAT [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) held that the assessment framed by the Assessing Officer (AO) was invalid and a nullity because the jurisdictional notice under Section ...

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